Key Developments: ShaMaran Petroleum Corp (SNM.V)

SNM.V on TSX Venture Exchange

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Latest Key Developments (Source: Significant Developments)

ShaMaran Petroleum Corp announces completion of standby purchase transactions
Tuesday, 17 Feb 2015 05:25pm EST 

ShaMaran Petroleum Corp:Says in connection with previously announced Rights Offering and as agreed in the standby purchase agreement, cCompany has issued an aggregate of 40,906,078 common shares of Company at a subscription price of C$0.10 per share for gross proceeds of C$4,090,607.80.Issued to its major shareholders, Lorito Holdings SARL, Zebra Holdings and Investments SARL and Lundin Petroleum BV which represents all Common Shares not otherwise subscribed for by Rightholders.In addition Company has issued a further aggregate of 14,569,684 additional Common Shares to the Standby Purchasers in respect of the guarantee fee, as defined under the standby purchase agreement.Pareto Securities AB acted as manager of the Rights Offering and Georgeson Shareholder Communications Canada, Inc. acted as information agent for the Rights Offering.Pareto is not registered as a dealer in any Canadian jurisdiction and, accordingly, has not, directly or indirectly, solicited offers to purchase or sell Common Shares or Rights in Canada.  Full Article

ShaMaran announces closing of rights offering
Tuesday, 10 Feb 2015 05:00pm EST 

ShaMaran Petroleum Corp:Says closing of its previously announced rights offering which expired on Feb. 09.Rights Offering has generated gross proceeds of about C$75 mln which will be used to fund the Company's costs related to the financing, development and operations of the Atrush Block in Kurdistan and for general and administrative purposes.ShaMaran's Certified Advisor on Nasdaq First North is Pareto Securities AB.  Full Article

ShaMaran Petroleum Corp files preliminary short form prospectus for rights offering
Sunday, 26 Oct 2014 08:17pm EDT 

ShaMaran Petroleum Corp:Files preliminary short form prospectus in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia relating to equity rights offering of rights to subscribe for common shares of ShaMaran for gross proceeds of up to C$75 million.Says that it has also filed a prospectus relating to rights offering with Swedish Financial Supervisory Authority (Finansinspektionen).Proceeds of this financing will augment funding required for development of the company's oil discovery on Atrush Block in Kurdistan Region of Iraq.  Full Article

ShaMaran Petroleum Corp announces a rights offering
Wednesday, 15 Oct 2014 05:43pm EDT 

ShaMaran Petroleum Corp:Launch a C$75 mln equity rights offering to its shareholders.Says rights offering is supported by a comprehensive equity support arrangement from major shareholders, Lorito Holdings S.a.r.l. (Lorito), Zebra Holdings and Investments S.a.r.l. (Zebra)(1) and Lundin Petroleum B.V. (Standby Purchasers).Proceeds of this financing will augment the funding required for the development of the Corporation's oil discovery on the Atrush Block in the Kurdistan Region of Iraq (Kurdistan).Closing of the Rights Offering is expected to occur in late Dec. 2014 to early Jan. 2015.  Full Article

ShaMaran Petroleum announces listing of $150 mln bond
Thursday, 15 May 2014 10:01am EDT 

ShaMaran Petroleum Corp:Announce listing of $150 million senior secured bond issued by its wholly owned subsidiary, General Exploration Partners, Inc. on Oslo Bors on May 15.Interest accrual date Nov. 13, 2013.Maturity date Nov. 13, 2018.Coupon rate 11.50 percent p.a.Pareto Securities is Manager of the issue.  Full Article

ShaMaran Petroleum announces Atrush-4 well tests results
Wednesday, 16 Apr 2014 06:01pm EDT 

ShaMaran Petroleum Corp:Announces test results of Atrush-4 appraisal/development well (AT-4) drilled in the Kurdistan Region of Iraq.Three separate cased hole drill stem tests were conducted in the Jurassic reservoir with maximum rates totalling 9059 bopd of 27-28 API from two of the tests.None of the tests produced formation water.The drilling rig is now moving to drill the Chiya Khere-5 development well (CK-5; 2014 revised well nomenclature) which is expected to spud in May.  Full Article

ShaMaran Petroleum Corp Closes USD150 Million Senior Secured Bond Issue
Wednesday, 13 Nov 2013 05:00pm EST 

ShaMaran Petroleum Corp. announced that the USD150 million senior secured bond issue previously announced on October 28, 2013 has closed. The bond has a five year maturity without amortization and carries an 11.5% fixed semi-annual coupon. The Company anticipates that the proceeds of the USD150 million bond issue will enable it to finance development activities to achieve first production. Future development phases of the Atrush field are expected to be financed using cash flows from the sale of oil production from the Atrush Block.  Full Article

ShaMaran Petroleum Corp Announces Results of USD 150 Million Bond Placement
Wednesday, 30 Oct 2013 06:00am EDT 

ShaMaran Petroleum Corp announced that the Company's USD 150 million senior secured bond has been fully subscribed. Net proceeds from the bond will be used to fund the Corporation’s future capital expenditures related to the development of the Atrush Block. The bond will have five-year duration without amortization and carries 11.5% fixed semi-annual coupon. Settlement is expected on or about November 13, 2013 and the Corporation will apply for listing of the bonds on the Oslo Stock Exchange. Pareto Securities AS acted as manager and bookrunner for the bond placement.  Full Article

ShaMaran Petroleum Corp Plans USD150 Million Bond Placement
Monday, 28 Oct 2013 04:15pm EDT 

ShaMaran Petroleum Corp announced that it plans to issue a USD150 million senior secured bond. Net proceeds from the bond will be used to fund the Company's future capital expenditures related to the development of the Atrush Block. Pareto Securities AB has been mandated as manager and bookrunner for the bond placement.  Full Article

Atrush Block Co-owned by ShaMaran Petroleum Corp and Partners Receives Approval for Oilfied Development
Monday, 7 Oct 2013 02:00am EDT 

ShaMaran Petroleum Corp announced that the Atrush partners have received approval from the Kurdistan Regional Government (KRG) for the first phase in the development of the Atrush Block in the Kurdistan Region of Iraq. Atrush Block, located 85 kilometers northwest of Erbil, is expected to initially produce approximately 30,000 barrels of gross oil per day (bpd) with first oil expected by early 2015. The Company plans to invest more than USD 300 million in Phase I in drilling three production wells and the construction of a central processing facility. The Atrush Block is operated by TAQA Atrush B.V., a subsidiary of Abu Dhabi National Energy Company PJSC which holds a 39.9% working interest in the Block. ShaMaran Petroleum Corp. holds a 20.1% working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100% owner of General Exploration Partners, Inc.). Marathon Oil KDV B.V., holds a 15% interest in the block. Subsequent to their back-in the Government of the Kurdistan Region of Iraq holds a 25% working interest.  Full Article

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